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Alden’s offer to buy Gannett looks less and less credible. But can Tribune and Gannett suss out the merger that might be necessary to stop it?
America’s most hated newspaper company wants to bring its special brand of cost-cutting and newsroom-gutting to about 100 more cities.
“We need to admit news publishers are not sympathetic victims losing an unfair fight against anti-competitive practices — at least not now.” Nikki Usher
But Alden Global Capital would be happy to lend a hand. Plus: When a standstill isn’t really a standstill.
A new round of consolidation could kill off half of what were the major U.S. newspaper chains just a few months ago. But the possibility of platform cash is sparking hope.
America’s bankrupt No. 2 newspaper chain — owner of dailies in Miami, Kansas City, Charlotte, Sacramento, Fort Worth, and more — is subject to the same consolidation logic as the rest of the industry.
The company’s stock can’t fall much lower, but the questions surrounding America’s largest newspaper chain are beginning to multiply.
By gutting local advertising overnight, COVID-19 has accelerated strategies — like cutting print days, corporate consolidation, or even closing down offices — that publishers had hoped could wait a while longer.
The multi-trillion-dollar CARES Act should extend a lifeline to many small local publishers. But for bigger companies and chains, the help they’ll receive is still up in the air — “It’s very unformed.”
Will Chatham Asset Management, the hedge fund set to gain control of the company, want to operate it after bankruptcy? Or will it look to cash out via merger as quickly as possible?